Leerink Partners Reaffirms Market Perform Rating for Accolade (NASDAQ:ACCD)

Accolade (NASDAQ:ACCD)‘s stock had its “market perform” rating reaffirmed by stock analysts at Leerink Partners in a report issued on Wednesday,Benzinga reports.

A number of other brokerages also recently issued reports on ACCD. Barclays reduced their price objective on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 9th. Stephens decreased their price objective on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Canaccord Genuity Group dropped their price target on Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company reduced their price target on Accolade from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, October 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of Accolade in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Accolade presently has a consensus rating of “Moderate Buy” and an average price target of $8.96.

Accolade Trading Up 104.8 %

NASDAQ:ACCD traded up $3.51 during trading hours on Wednesday, reaching $6.86. The company’s stock had a trading volume of 14,829,039 shares, compared to its average volume of 3,647,770. The firm has a 50-day simple moving average of $3.52 and a 200-day simple moving average of $3.79. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. Accolade has a 1 year low of $3.08 and a 1 year high of $15.36. The firm has a market capitalization of $552.48 million, a price-to-earnings ratio of -6.66 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The business had revenue of $106.40 million during the quarter, compared to analysts’ expectations of $104.87 million. During the same quarter in the prior year, the company posted ($0.43) EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts expect that Accolade will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Rajeev Singh sold 13,357 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total value of $48,085.20. Following the completion of the sale, the chief executive officer now directly owns 814,316 shares in the company, valued at $2,931,537.60. This trade represents a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 42,006 shares of company stock worth $149,228. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

Several hedge funds have recently added to or reduced their stakes in ACCD. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Accolade by 22.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after purchasing an additional 3,789 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Accolade by 22.5% during the 2nd quarter. Rhumbline Advisers now owns 124,351 shares of the company’s stock worth $445,000 after acquiring an additional 22,857 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Accolade during the 2nd quarter valued at $1,229,000. Blair William & Co. IL grew its position in Accolade by 73.1% in the 2nd quarter. Blair William & Co. IL now owns 79,834 shares of the company’s stock valued at $286,000 after acquiring an additional 33,725 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in shares of Accolade by 64.4% during the second quarter. XTX Topco Ltd now owns 49,454 shares of the company’s stock worth $177,000 after purchasing an additional 19,369 shares during the last quarter. 84.99% of the stock is currently owned by institutional investors.

Accolade Company Profile

Accolade, Inc, together with its subsidiaries, engages in the development and provision of personalized and technology-enabled solutions that help people to understand, navigate, and utilize the healthcare system and their workplace benefits in the United States. The company offers a platform with cloud-based intelligent technology and multimodal support from a team of advocates and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and primary care physicians.